WorkSafe New Brunswick reduces rates by 16%

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WorkSafe New Brunswick said that most of the employers in the province will receive a reduced bill for their assessment rates in 2014.

The average assessment rate will be reduced by 23¢ from $1.44 in 2013 to $1.21 in 2014 per $100 of payroll. The rates, effective Jan. 1, 2014, represent a 16% reduction—the lowest in Atlantic Canada.

“Our fully-funded position and decreasing claim costs were the major factors in our decision to decrease the average assessment rate for 2014,” said Sharon Tucker.

The board of directors’ chair said the rate decrease will see premiums for about 13,600 employer operations drop or remain stable.

A continued decline in accident frequency helped secure WorkSafe NB’s fully funded 126.7% position.The provincial accident frequency rate has continually declined over the past few years.

The rate has dropped from 3.52 per 100 full-time equivalent (FTE) in 2006 to 2.99 in 2012.

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